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By Tang Ziyi / Feb 12, 2019 11:10 AM / Business & Tech

Chinese e-commerce giant has paid about 2.7 billion yuan ($400 million) to acquire a Beijing hotel, which it plans to use as office space.

A subsidiary of acquired 100% of Beijing Jade Palace Hotel on Monday, according to company data provider Tianyancha. Details of the transaction have not been disclosed. said it will turn the hotel into space for research and development, as well as offices, to support the company's future development in the Haidian district of Beijing, where China's Zhongguancun technology hub and top universities are located, Caixin has learned.

Founded in 1987, the five-star Jade Palace had 480 million yuan in registered capital.

Related: Alibaba Switches On First Smart Hotel

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